BOTTOM UP Definition

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BOTTOM UP is a concept of analyzing a subject, such as costs or revenue, starting from the lowest level working towards the top.

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UP-FRONT PAYMENT is anything of value, usually money, delivered at the time a contract is signed, e.g. down payment, licensing fees, or closing costs.

OBLIGATION BOND is a bond signed by a mortgagor (borrower) for an amount greater than the loan amount. Such a bond creates a personal obligation on the part of the borrower and assures the lender of recourse in case of nonpayment of property taxes and insurance or past due interest on the mortgage.

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